Summary
Bitcoin ETFs experienced the highest level of net outflows in a single day on Wednesday, with $158 million leaving the 10 US funds holding BTC directly. Grayscale Investments’ Bitcoin Trust ETF (GBTC) was the main contributor to the outflows, with $429 million leaving the fund. While BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $66 million, it was a significant drop from previous days. Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) led the group with inflows of approximately $126 million. Overall, net inflows for spot bitcoin ETFs stand at $824 million since their launch. Experts believe that the driving forces behind the flows will taper off in the short run and be dominated by the medium to long run gains.
Key Points
1. Spot bitcoin ETFs experienced the highest level of net outflows in a single day, with $158 million leaving the 10 US funds holding BTC directly.
2. Grayscale Investments’ Bitcoin Trust ETF (GBTC) contributed significantly to the outflows, with $429 million leaving the fund.
3. While BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were lower compared to previous days, indicating a slowdown in flows into the product.